Verge has formed a on the daily and has broken out of it. The is looking low at the moment so there is a risk that the breakout can be a failure. However, since on the daily has crossed over, it does look positive. As long as we see a build up soon, the given target is achievable.
The following criteria is met for a .
1. There has been a so far, so this trend will be reversed. The pattern is over 3 months old and the downtrend is around 3 months.
2. At least 3 points make up the upper resistance and lower resistance line.
3. The resistance line and the support line converge to form a cone.